A company had the following purchases and sales during its first year of operations: Purchases Beginning Inventory February: May: September: November: 10 units at $10 20 units at $15 15 units at $16 12 units at $17 10 units at $18 Sales On December 31, there were 25 units remaining in ending inventory. (Assume all sales were made on the last day of the month.) 1. Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? $ 2. Using the perpetual FIFO inventory costing method, what is the value of ending inventory? $ 3. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? $ 4. Using the perpetual LIFO inventory costing method, what is the value of ending inventory? $
A company had the following purchases and sales during its first year of operations: Purchases Beginning Inventory February: May: September: November: 10 units at $10 20 units at $15 15 units at $16 12 units at $17 10 units at $18 Sales On December 31, there were 25 units remaining in ending inventory. (Assume all sales were made on the last day of the month.) 1. Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? $ 2. Using the perpetual FIFO inventory costing method, what is the value of ending inventory? $ 3. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? $ 4. Using the perpetual LIFO inventory costing method, what is the value of ending inventory? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A company had the following purchases and sales during its first year of operations:
Purchases
Beginning Inventory
February:
May:
September:
November:
10 units at $10
20 units at $15
15 units at $16
12 units at $17
10 units at $18
Sales
On December 31, there were 25 units remaining in ending inventory. (Assume all sales were
made on the last day of the month.)
1. Using the perpetual FIFO inventory costing method, what is the value of cost of goods
sold? $
2. Using the perpetual FIFO inventory costing method, what is the value of ending
inventory? $
3. Using the perpetual LIFO inventory costing method, what is the value of cost of goods
sold? $
4. Using the perpetual LIFO inventory costing method, what is the value of ending
inventory? $
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